Jake and Todd are correct from my experience. Also realize that while sponsorship may sound great - its not a one-way street like many people think. Sponsors invest in your team because they think it will benefit them in the marketplace.

Providing sponsors with plugs on websites, marketing photos, product reviews, or anything else that will directly result in sales to their company makes the relationships work. You just don't take their money and be like "gee thanks!"

In short - just be sure that you're willing to do the heavy lifting that's required when you enter into a sponsorship agreement.